-- Posted 11 July, 2006 | | Source: SilverSeek.com
| Close | Gain/Loss |
Gold | $640.90 | +$17.50 |
Silver | $11.49 | +$0.47 |
XAU | 148.33 | +2.34% |
HUI | 347.16 | +2.84% |
GDM | 1079.40 | +2.67% |
JSE Gold | 3300.81 | +0.71% |
USD | 85.33 | -0.16 |
Euro | 127.62 | +0.28 |
Yen | 87.57 | -0.03 |
Oil | $74.16 | +$0.55 |
10-Year | 5.100% | -0.030 |
T-Bond | 107.1875 | +0.3125 |
Dow | 11134.77 | +0.28% |
Nasdaq | 2128.86 | +0.56% |
S&P | 1272.52 | +0.41% |
The Metals:
Gold gained about $5 in Asia and added about another $5 in London before it furthered its gains in late New York trade and closed near its high with a gain of 2.81%. Silver followed a similar pattern and added 4.26%. Both metals are also trading slightly higher in after hours trade at the time of writing.
Euro gold rose above €500, platinum gained $24 to $1,236, palladium gained $5 to $321, and copper remained near $3.45.
Gold and silver equities rose throughout most of trade and ended with over 2% gains.
The Economy:
There were no major economic reports today, but a federal deficit projection cut by the White House to $296 billion did have some talking. Tomorrow at 8:30AM EST brings the Trade Balance for May expected at -$65.0 billion.
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The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil rose on increased geopolitical tensions over Iran as traders also prepared for inventory reports tomorrow that are expected to show a draw in crude inventories and a build in gasoline and distillate inventories.
The U.S. dollar index remained near unchanged as traders waited for more economic data and for word from the Bank of Japan about their interest rate policy.
Treasuries gained on safe haven buying due to blasts in India and also on hopes for a pause in interest rate hikes by the fed soon.
The Dow, Nasdaq, and S&P fell on poor earnings reports in morning trade, but they then rallied in afternoon trade to end the day decently higher on positive indications from the tech sector.
Among the big names making news in the market today were Xstrata and Falconbridge, Blackstone, Fannie Mae and Freddie Mac, Vespa, Time Warner, L.G. Philips, Mittal Steel, Levi Strauss, Alcoa, Pepsi Bottling, and Lucent.
The Commentary:
“Some Café members, especially newer ones, might wonder what is the point in constantly documenting all the shenanigans of the PPT and The Gold Cartel. My answers are right to the point:
*The price of gold should be MANY hundreds of dollars per ounce higher. The GATA camp knows why it is not, but where it has to go because The Gold Cartel is gradually running out of central bank ammunition to hold the price down. It is why we are in a five year bull market.
*Following the activity of The Gold Cartel and understanding what they are doing and why has been, and will be, a roadmap to a fortune.
*One day the market rigging operation of the PPT will fall apart, resulting in a falling apart of the US stock and real estate markets. Those not aware of what has been going on could be wiped out financially and suddenly. Few Americans will know what hit them as their net worth is decimated. Those on the Titanic one second too long were doomed.
*The MIDAS commentary is a daily record of The Gold Cartel’s shenanigans that will be fed to a future Congressional Committee investigating what happened and why. IMO the MIDAS might save them a year, or years, worth of investigative effort. We can point them where to go, who dunnit, and when.” - From yesterday’s Midas report by Bill Murphy of LemetropoleCafe.com
“August Gold closed up 17 at 643.1. This was 11.3 up from the low and 0.8 off the high.
July Silver finished up 0.44 at 11.47, equal to the high and 0.19 up from the low.
With the gold market reaching the highest level since June 6th and managing the rise in the face of a slide in equity prices and non-descript action in the Dollar it would seem that some fresh fundamentals are returning to the marketplace. With grain prices making more noise and doing so in the face of a recovery in oil prices the whole inflationary argument seems to be increasing its presence. With the gold managing an added jump just ahead of the close it also seems like the urgency by the bull camps jumped and that could be a simple positioning ahead of the US Trade Balance report and it could be the direct result of Iranian or North Korean anxieties. In the end, with a long laundry list of potential financial and political concerns it is possible that any number of issues were responsible for the gains Tuesday.
While silver didn't manage a new high for the move like the gold market, prices were firm enough to scare a few shorts out of position. However, it is possible that concern for slowing physical demand and slowing investment demand, off the softer economy caused silver to lag behind gold. In fact, with a host of financial type flight to quality issues serving to lift gold prices, it really isn't that surprising that a physical or industrially demand driven market like silver was being held back from a fully bullish upside reaction. On the other hand, the type of gains posted in silver on Tuesday, were anything but unimpressive and the move probably stirs other bulls into action.” - The Hightower Report, Futures Analysis and Forecasting
GATA Posts:
Syria moves reserves to euros and will end dollar peg this year
The Statistics:
As of close of business: 07/10/2006
Gold Warehouse Stocks: | 8,030,544 | -64 |
Silver Warehouse Stocks: | 102,450,417 | +35,022 |
Global Gold ETF Holdings
[WGC Sponsored ETF’s]
| Product name | Total Tonnes | Total Ounces | Total Value |
New York Stock Exchange (NYSE) | Streettracks Gold Shares | 383.54 | 12,331,268 | US$ 7,718m |
LSE (London Stock Exchange) AND Euronext Paris | Gold Bullion Securities | 78.23 | 2,515,076 | US$ 1,616m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 9.62 | 308,672 | US$ 199m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 10.89 | 349,988 | US$ 219m |
COMEX Gold Trust (IAU)
Profile as of 07/10/2006 | |
Total Net Assets | $825,237,915 | Ounces of Gold
in Trust | 1,322,429.544 |
Shares Outstanding | 13,300,000 | Tonnes of Gold
in Trust | 41.13 |
Silver Trust (SLV)
Profile as of 07/10/2006 | |
Total Net Assets | $1,009,115,926 | Ounces of Silver
in Trust | 91,417,377 |
Shares Outstanding | 9,150,000 | Tonnes of Silver
in Trust | 2,843.4 |
The Stocks:
Vista Gold’s (VGZ) spin-off, Cardero’s (CDY) acquired gold property, U.S. Energy’s (USEG) sale of uranium assets, New Gold’s (NGD) chief geologist appointment, Ivanhoe’s (IVN) coal reorganization, NovaGold’s (NG) reaffirmed offer for Pioneer Metals (PSM.TO), and Minefinders’ (MFN) polarization/resistivity ("IP/R") survey results were among the big stories in the gold and silver mining industry making headlines today.
WINNERS
1. Vista Gold | VGZ +10.12% $10.23 |
2. U.S. Energy | USEG +9.66% $4.54 |
3. Entree Gold | EGI +9.48% $1.27 |
LOSERS
1. IMA Exploration | IMR -2.61% $2.99 |
2. Kimber Resources | KBX -0.94% $2.10 |
3. Ivanhoe Mines | IVN -0.47% $6.37 |
Winners & Losers tracks NYSE and AMEX listed gold and silver mining stocks that trade over $1.
All of today's gold and silver stock news:
Absolut Welcomes New Directors - More
- July 11, 2006 | Item | E-mail
Duncan Park Holdings Corporation Announcement - More
- July 11, 2006 | Item | E-mail
International Wayside Gold Mines Ltd.: Placer Testing Underway and Results of Island Mountain Gold Property Exploration Program - More
- July 11, 2006 | Item | E-mail
Alexco Outlines Exploration Plans for the Keno Hill Silver District - More
- July 11, 2006 | Item | E-mail
Action plan regarding the Grande-Vallée alumina - More
- July 11, 2006 | Item | E-mail
Strateco Announces The Filing of a Preliminary Prospectus by Cadiscor Resources Inc. - More
- July 11, 2006 | Item | E-mail
Can-Cal Resources Ltd. Signs Letter of Intent for Pisgah Crater - More
- July 11, 2006 | Item | E-mail
Acero-Martin Cuts 103.0 meters/337.5 feet of 1.28 g/t Gold and 1.21 % Copper/1.91 % Cu equivalent - More
- July 11, 2006 | Item | E-mail
Nuinsco Announces Completion of Private Placement - More
- July 11, 2006 | Item | E-mail
Etruscan's discovery at Diba continues to build - More
- July 11, 2006 | Item | E-mail
Pele Mountain Options Sudbury Offset Project to Wallbridge - More
- July 11, 2006 | Item | E-mail
Sparton Begins Work Programs on Battle Mountain Area Nevada Gold Properties - More
- July 11, 2006 | Item | E-mail
Galantas Reports High Grade Gold at Omagh Open Pit Gold Mine - More
- July 11, 2006 | Item | E-mail
Carat Exploration Inc. - AeroTEM II survey completed on the Seneca property - More
- July 11, 2006 | Item | E-mail
Azco Mining Says It Expects to Begin SEC Filings in July - More
- July 11, 2006 | Item | E-mail
New Gold Inc.: New Qualified Person Joins Team Exploration and Feasibility Study Update - More
- July 11, 2006 | Item | E-mail
Tonogold Resources, Inc. Announces Rock Chip Samples to 132 g/t and Soil Samples to 2.9 g/t at Nyac Gold Project In Alaska - More
- July 11, 2006 | Item | E-mail
SLAM Exploration completes drilling at Nash Creek - More
- July 11, 2006 | Item | E-mail
Searchgold Provides an Update on Bakoudou-Magnima Gold Project in Gabon - More
- July 11, 2006 | Item | E-mail
HMZ Provides Corporate Update, Announces Final Closing of Private Placement - More
- July 11, 2006 | Item | E-mail
Arianne to Start Uranium Exploration - More
- July 11, 2006 | Item | E-mail
Andina Extends Strike Length of Volcan's West Zone - More
- July 11, 2006 | Item | E-mail
Northern Peru Announces Results of Preliminary Economic Assessment on Galeno Copper Deposit - More
- July 11, 2006 | Item | E-mail
Timberline Resources Approved for Trading On OTC Bulletin Board, Provides Review of Corporate Progress - More
- July 11, 2006 | Item | E-mail
Argentex announces new zinc-lead-copper massive sulphide discovery at Pinguino property in Patagonia, Argentina - More
- July 11, 2006 | Item | E-mail
Canadian Royalties Inc.: Exploration Drilling Underway at the New Bidlamaque Gold Prospect, Val-d'Or, Quebec - More
- July 11, 2006 | Item | E-mail
Scorpio's Drilling of the Hoag Zone Discovery at depth includes 43.70 metres grading 65.31 g/t Ag, 3.84% Zn, 0.21% Cu, 2.27% Pb and 0.03 g/t Au - More
- July 11, 2006 | Item | E-mail
Golden Patriot Announces Letter of Intent for Acquisition of Two Mexican Properties with Iron Oxide Copper-Gold 'IOCG' Potential - More
- July 11, 2006 | Item | E-mail
Redcorp Ventures Ltd.: Tulsequah Project-Feasibility Progress and Drilling Update - More
- July 11, 2006 | Item | E-mail
Romarco Begins Drilling at Buckskin-National Gold Project - More
- July 11, 2006 | Item | E-mail
Pelangio advised 155.93 grams/tonne gold over 5 metres intersected on M Zone Corridor at Detour Lake - More
- July 11, 2006 | Item | E-mail
Higher Albion Process Gold Recoveries at Certej - More
- July 11, 2006 | Item | E-mail
Orvana Announces the Appointment of a New Director and Chairman - More
- July 11, 2006 | Item | E-mail
Niogold initiates drilling on Marban Mine Block, first targeting the North-North Zone - More
- July 11, 2006 | Item | E-mail
Silver Dragon Receives High-Grade Assay Results From First Drill Hole at Cerro Las Minitas Project, Mexico - More
- July 11, 2006 | Item | E-mail
Candente-Orex Identify Gold-Silver Drill Targets on Pamel Property, Central Peru - More
- July 11, 2006 | Item | E-mail
Trade Winds Reports Results Including 155.93 G/Tonne Gold Over 0.5 Metres Near Surface Along M Zone Structural Corridor at Detour Lake, Ontario - More
- July 11, 2006 | Item | E-mail
Cardero Acquires Additional High-Grade Gold Property, Jujuy Province, Argentina. - "Cardero Resource Corp. is pleased to announce that it has entered into agreements to acquire a 100% interest in the Salar de Oro gold property in Jujuy province, northwestern Argentina. The (33,500 hectare) property consists of 10 continuous cateos and two minas, over elevations ranging from 3900 - 4900 meters. This property forms part of the Company's extensive gold property portfolio in the prospective 61,000 km2 Santa Victoria basin." More
- July 11, 2006 | Item | E-mail
U.S. Energy Corp./Crested Corp. to Sell Uranium Assets to sxr Uranium One Inc. For Up to $90 Million in Cash and Common Stock - "Under the terms of the Exclusivity Agreement, Uranium One will pay to USECC, US $750,000 cash (nonrefundable, except for material breach of the Exclusivity Agreement) for the exclusive right to purchase the USECC uranium assets, including the Shootaring Canyon uranium mill in southeast Utah, for a period of up to 270 days (an initial six month period, plus an optional three month extension). During this time, the parties will prepare definitive acquisition agreements. Subject to satisfactory results on Uranium One's due diligence review and obtaining all required approvals associated with the sale and purchase of the assets, the definitive agreements would be signed and the sale closed as soon as possible." More
- July 11, 2006 | Item | E-mail
New Gold Inc.: New Qualified Person Joins Team Exploration and Feasibility Study Update - "We are very pleased that Brian has joined our team. During his more than 20 year career, he has successfully contributed to expanding the reserve and resource base around existing operations in British Columbia, Ontario and Quebec. Most recently he was Chief Geologist and Qualified Person for the Kemess South Mine in northern British Columbia, Canada. We believe that his experience will be invaluable at our New Afton Project, Kamloops, British Columbia, on which we are currently conducting a Feasibility Study, and where we are also continuing exploration for additional Copper-Gold (Cu-Au) mineralization." More
- July 11, 2006 | Item | E-mail
Ivanhoe Mines and Asia Gold Sign Definitive Agreement for Coal Reorganization - "Gene Wusaty, President of the Coal Division of Ivanhoe Mines Ltd., and David Owens, President of Asia Gold Corp., announced today that Ivanhoe Mines and Asia Gold have signed a definitive agreement for the coal reorganization announced on April 26, 2006 whereby Asia Gold will acquire Ivanhoe Mines' Coal Division by issuing 82,576,383 shares of Asia Gold to Ivanhoe Mines. The coal reorganization, which remains subject to regulatory and shareholder approval, will result in Asia Gold becoming a majority-owned, publicly traded subsidiary of Ivanhoe Mines, with a coal division and a precious and base metals exploration division." More
- July 11, 2006 | Item | E-mail
NovaGold Reaffirms Offer for Pioneer Metals Corporation - "Based on the Pioneer Directors' Circular, we see no reason to vary the terms of the NovaGold Offer. We believe it is a fair price, taking into account all of Pioneer's assets", stated Rick Van Nieuwenhuyse, President and CEO of NovaGold, "With the recent completion of a systematic condemnation drilling program in the area of the proposed tailings site located on a portion of the Grace claims, we expect to conclusively confirm that there is no economic mineralization present in that area and to proceed with permitting of the site with the Province of British Columbia. We expect to have all assay results from the condemnation drill program before July 25th, 2006." More
- July 11, 2006 | Item | E-mail
Minefinders Corporation Ltd.: Exploration Expands Planchas de Plata Target Area - "Minefinders Corporation Ltd. reports that preliminary results from 8.9 line kilometres of induced polarization/resistivity survey on the Company's 100% owned Planchas de Plata silver project have identified significant anomalies that suggest the extension of previously-drilled, main-zone mineralization an additional 600 metres to the east and 500 metres to the south. The geophysical anomalies are very similar to those that the survey has determined coincide with areas of historical mining of high-grade silver." More
- July 11, 2006 | Item | E-mail
Vista Gold Corp. Announces Spin-Off of Its Nevada Assets and Concurrent Acquisition of Nevada Assets Held by the Pescio Group - "Vista Gold Corp. is pleased to announce that it has entered into a binding letter of intent with Carl and Janet Pescio, Greg Hryhorchuk and Robert Lipsett (together, the "Pescio Group"), pursuant to which, Vista will spin off its existing Nevada properties into a new publicly-listed company ("Newco") that will, concurrently with the spin-off, acquire the Nevada mining properties of the Pescio Group." More
- July 10, 2006 | Item | E-mail
- Chris Mullen, Gold Seeker Report
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-- Posted 11 July, 2006 | |
